Temasek to invest $150 mn in Glenmark Pharma

Mumbai: Singapore government-owned sovereign fund Temasek Holdings is investing Rs 945 crore ($150 million) in Glenmark Pharmaceuticals Limited through its wholly owned indirect subsidiary Aranda Investments (Mauritius) Pte Limited.

At the board meeting on Friday, the Glenmark management decided to issue up to 10.8 million shares on a preferential basis for cash to Aranda at Rs 875 per share aggregating to Rs 945 crore, said a company statement.

Glenn Saldanha, chairman and managing director, Glenmark Pharmaceuticals, said, “We are pleased that one of the world’s most-reputed financial institutions, Temasek Holdings, is considering investment in the company.”

On Friday, shares of Glenmark went down by 1.8 per cent to close at Rs 864.5 on the BSE.

Last year, Temasek had acquired 10.16 per cent equity stake in Ahmedabad-based Intas Pharmaceuticals Ltd, in a secondary purchase of shares from private equity investor ChrysCapital. Across the globe, Temasek has a net portfolio of $165 billion.

Global private equity major Actis was the first PE investor in Glenmark Pharma when it invested about $48 million in 2002.

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